Bilingual WP blog

I would like to create a bilingual website. It will offer some kind of service, in 2 languages. I have a .COM and a .HU domain.
How would you guys do this, in order to get good SERP results? I might use a subdomain for blog as well, but that's not really important right now.

Thanks for the tip guys. I have already had a quick look there, but most of them were auto translate plugin. I'm not looking for those.

I'm thinking of just copy pasting the WP, and uploading it to the other domain as well so these 2 sites will acutally be completly seperate on backend.
I migh get some kind of geo script, which would redirect the 'english' traffic to the .COM, and local to the .HU, and vica versa.
Has anyone done something similar?

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